The Solana blockchain is home to one of the fastest growing ecosystems along with Ethereum. Despite the bear market, Solana’s NFT scene in particular is hitting new heights in terms of active participating names and trading volumes.
that Solana network used A unique combination of Proof-of-History and so-called delegated Proof-of-Stake algorithms promising throughputs of up to 50,000 Transactions Per Second (TPS). In essence, blockchain enables extremely fast and cheap transactions that come at the expense of decentralization; A compromise is known by this Blockchain Trilogy. As the data shows, this does not bother a significant part of crypto users. A native NFTAt the same time, the ecosystem boasts a similar number of active addresses as Ethereum, while targeting a different user base.
Highs in a bear market
The non-fungible token (NFT) craze has taken over the cryptocurrency industry in 2021, spawning a staggering number of NFT projects. As after the “ICO craze” during 2017/18, the vast majority of NFT projects It slipped into its own bear market earlier this year. 2021 ended with low liquidity, low trading volumes and floor prices near zero for many groups. While Solana’s ecosystem hasn’t completely escaped the market cycle, it has shown impressive resilience.
The number of new NFT projects reached an all-time high in the first week of September and daily trading volume rose to 373,000 SOL (approximately $12.5 million USD). In the past, Solana only represented a small portion of the market, and today the network appears to be accepted as the leading platform for “cheap” NFT trading. As the chart above shows, the market dominates The magic of Eden with almost absolute dominance. The success of “SolanArt” and “CandyMachine” faded after only a few months.
Owns “Blue Sheep” projects
Blue chip status in both encoders The NFT world is a controversial term. In the traditional financial world, investors use it to describe investments that are safe, long-term bets that generate steady returns on invested capital. Usually, excellent companies have been around for many years to decades, are well-capitalized and have a proven track record; Even in difficult times for the markets. Since NFTs have not yet gone through a complete market cycle, the classification of blue chips also leaves a lot of leeway. The largest combinations by market capitalization and trading volume are usually referred to as the “blue chip”, even if they have a much shorter track record than traditional investments.
Similar to the dominance of Ethereum by Yuga Labs creations (Bored monkeysAnd the the other side, etc.) makes the development team one stand out from the rest at Solana. DeGods and y00ts, both from the same team, hold the top two spots by market capitalization with little competition. This is followed by the sports game “StepN” and two of the first blockchain NFTs: Solana Monkey Business and Degenerate Ape Academy.